"Total revenues of $2,071,192 for the year ended August 31, 2012 compared to total revenues of $3,037,475 for the year ended August 31, 2011."
I saw that, but something is wrong or, probably, there are some sales not yet reportable (their income recognition is complicated and much happened in the final Q). For the first three Qs, their total revenues were, as you say, rounding slightly, $1,583,000. And, announced *sales* for the final Q suggest more than this amount. But, recorded Sales (money received or booked as receivable) depend on their income recognition practices. At this point, do not jump to conclusions until the 10K is released. Right now, "things" just do not add up. I assume they will address this in the 10K.
"My estimate is that they are only 6 months from doing another secondary"
No -- do not jump to concluisions. Please note that they expensed -- rather than capitalized -- all the considerable costs of establishing their FPU plan.. They properly call these "investments", and they could properly amortize these over some number of years. But, they chose to write off these costs at once, making this year look unrealistically bad. Why? I have some suspicions, but only that.
So, substantial sales where apparently not yet recognized and substantial investments have been treated as immediate costs. Wait for the 10K. It will likely have discussion of these things re FY 2012 -- as well as discussion of subsequent events, which are also apt to be important. |
